Headwinds have resumed action in the EURJPY market, causing the pair to spiral downward. Also, available fundamentals in this market suggest that price action may even dive towards lower marks. However, fundamentals from the eurozone will play a key role in affecting this, as they are set to roll out later this week.
Key Price Levels:
Resistance Levels: 156.00, 157.00, and 158.00
Support Levels: 155.33, 154.00, and 153.00
EURJPY Bears Are Holding a Key Position
Trading activities in the EURJPY market have retraced below the two sets of the Guppy Multiple Moving Average (GMMA) lines. Likewise, the last price candle on this chart has its body close to the bear side of the market, indicating that downward forces are exerting more pressure in this market. At the same time, the RSI lines are still falling downward into the oversold region.
Consequently, this suggests that downward forces may be having a significant influence in this market in the meantime, ahead of market-stimulating fundamentals from corresponding economic developments.
EURJPY Looks to Retain Its Bearish Path
Similar to observations in the EURJPY 4-hour market, the last price candle that represents the ongoing session has its body quite close to the lower shadow. This maintains the previous conclusion that bears have significant control over price action. Likewise, trading activities are still happening below the two sets of GMMA lines.
Also, the RSI indicator lines are aligned to affirm the bearish characteristics of price action in this market. This suggests that price action may try to break the support at the 154.80 market ahead of fundamentals that are set to arise from the eurozone later this week.
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